HSBC drags European shares lower; LVMH gains on merger talksReuters | Updated: 28-10-2019 14:00 IST | Created: 28-10-2019 13:59 IST
European shares were inched lower on Monday as a glum profit outlook from lender HSBC offset gains following positive developments in the U.S.-China trade talks and Brexit.
The pan-European STOXX 600 fell 0.1% at 0807 GMT and London's FTSE 100 was down 0.4%, but Germany's DAX was up 0.2%. Asia-focused HSBC lost 3% after the lender dropped its 2020 profit target and warned it would have to undertake a costly restructuring, as it struggled amid a slowing global business environment.
Shares of Louis Vuitton owner LVMH gained 1% after a report that the company has approached U.S. jeweler Tiffany & Co with a $14.5 billion acquisition offer. Trade - exposed auto and mining stocks led gains among sub-sectors.